Archive for 2012

Farming has been one of the oldest trades to survive in Ireland, and with minimal profits to be made from this industry today; most farmers are in it for pleasure more than gain. However, there is potential to reduce gains made on your farm income by following these steps.

1. Employing family members.

You can employ a son or daughter to work part time on your farm. They can earn €9,150 in 2008 without paying tax. This saves you, the farmer €3,751 ...

Make the most of all tax breaks out there especially ones which are easy to apply!

E working is where the Revenue Commissioners allow you to pay someone €3.20 a day for working at home for your business.

This could be your son or daughter doing valuable research for your business on the net in the comfort of their own room!

That adds up to €1,168 per annum and that €478 of a tax saving if you are in the higher bracket.

Make sure ...

If your spouse is a director of your company do not give him/her more than 15% shareholding if they are being paid a salary otherwise they will loose the PAYE tax credit worth €1,830.00

For more information contact us…

info@mytaxreturn.ie

f like me you have taken out a top up on your mortgage and may have 2 mortgage accounts  watchout for your lender not giving you mortgage relief on the top up repayments.

What appears to be happening is your relief is being based on when the mortgage originally started -you have 7 years of interest to claim.

If you take a top up mortgage say 3 years after you first took out a mortgage then you should also get 7 years ...

If you are self employed and have your own company, here are the rates you should be using to claim for things like travel, meals, and overnights.

It is far better from a tax point of view to use these rates, than actual receipts  a sole trader would o use in his calculation of business expenses.

It is one of the reasons you can justify going the limited company route than using the sole ...

General Information

Introduction

You may claim tax relief in respect of the cost of certain medical expenses paid by you. You cannot claim tax relief for any expenditure which:

• has been, or will be, reimbursed by another body such as the VHI, Quinn Healthcare, Hibernian Aviva Health, the Health Service Executive or other body or person
• has been, or will be, the subject of a compensation payment
• relates to routine dental and ophthalmic care.

Further details on the main medical expenses that qualify for relief are ...

I have had a few queries recently on whether self employed people can get ‘cycle to work’ tax relief on the purchase of a bicycle.

The relief that exists at the moment is aimed at getting PAYE workers to purchase bikes and they can save up to half the cost of a new bike if they are on the higher tax rate, if you include PRSI. (more info at http://www.bikescheme.ie/)

Anyway, the joys of being self employed continue as yes, you ...